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RCN

Redcentric Plc

127.75
0.00 (0.0%)
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Share Name Share Symbol Market Type Share ISIN Share Description
Redcentric Plc LSE:RCN London Ordinary Share GB00B7TW1V39 ORD 0.1P
  Price Change % Change Share Price Shares Traded Last Trade
Upgrade Icon
  0.00 0.0% 127.75 10,770 14:23:52
Bid Price Offer Price High Price Low Price Open Price
128.00 130.00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Computer Related Svcs, Nec 93.33 6.94 4.40 31.94 200.56
Last Trade Time Trade Type Trade Size Trade Price Currency
14:19:36 O 886 129.375 GBX
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Redcentric (RCN) Latest News

Redcentric News

Date Time Source Headline
28/4/202317:08UKREGRedcentric PLC Holding(s) in Company
25/4/202314:54ALNCNewsRedcentric celebrates increased revenue and adjusted earnings
25/4/202307:01UKREGRedcentric PLC Directorate Change
25/4/202307:00UKREGRedcentric PLC Trading Update
31/3/202315:14UKREGRedcentric PLC Holding(s) in Company
22/2/202307:00UKREGRedcentric PLC Exercise of Options
08/2/202307:00UKREGRedcentric PLC Exercise of Options
11/1/202307:00UKREGRedcentric PLC Exercise of Options
30/12/202207:00UKREGRedcentric PLC Exercise of Options
12/12/202207:00UKREGRedcentric PLC Exercise of Options

Redcentric (RCN) Discussions and Chat

Redcentric Forums and Chat

Date Time Title Posts
31/5/202307:30Redcentric - Managed Network Services1,068

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Redcentric (RCN) Most Recent Trades

Trade Time Trade Price Trade Size Trade Value Trade Type
13:19:38129.388861,146.26O
13:17:39127.581924.24O
13:13:54129.38407526.56O
12:19:19128.53598768.61O
11:24:31128.59347446.21O

Redcentric (RCN) Top Chat Posts

Top Posts
Posted at 31/5/2023 07:30 by masurenguy
Rising costs putting pressure on Redcentric, says Downing

IT services group Redcentric (RCN) may have reported a jump in revenues, but Downing’s Josh McCathie warns it is still grappling with rising costs. McCathie holds the stock in his VT Downing Small & Mid Cap Income fund, where it makes up 3% of the £43m strategy. "Redcentric, a managed IT services business, released its results for the year ended 31 March 2023 and reported revenues up 52% to £141.8m and adjusted Ebitda up 4.6% to £24.8m. The results reflect the contribution from five acquisitions completed over the last two financial years." the manager said. However, he flagged a warning from the group and said "it continues to experience widespread inflationary increases across its cost base, primarily wage inflation, electricity costs and software licence costs."

https://citywire.com/funds-insider/news
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Posted at 13/1/2023 08:53 by boadicea
An easing of the energy price spiral should be particularly good news for their sites that are not hedged on electricity cost. Similar considerations may apply to their competitors, of course.
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Posted at 15/11/2022 07:27 by masurenguy
Solid update with good groundwork laid for subsequent expansion of both sales and profits. "As a result of the five acquisitions completed between September 2021 and July 2022, the Company has significantly strengthened its cyber security, hyper-cloud and consulting capabilities, and materially increased the annualised revenue base by c.70%. With these acquisitions, we feel that we now have one of the broadest product offerings in the market."

Trading update for the six month period to 30 September 2022

Redcentric is pleased to announce the following update for the six months ended 30 September 2022.

FINANCIAL HIGHLIGHTS

HY23 has seen the business continue to perform well, with both revenue and adjusted EBITDA being in line with the expectations of the board of directors of the Company (the "Board"). The Board expects to announce the following trading results for HY23:

-- Revenues of £61.5m (HY22: £44.3m)
-- Adjusted EBITDA of £11.7m (HY22: £11.9m)
-- *Adjusted net debt of £39.3m (31 March 2022: £1.5m)
-- Capital expenditure of £1.5m (HY22: (restated) £1.9m)

The adjusted net debt reflects:

-- The initial cash consideration net of cash acquired of £23.2m paid following the acquisitions of 4D Data Centres Limited ("4D") and certain business and assets from Sungard Availability Services (UK) Limited (in administration) ("Sungard");

-- An investment of £3.2m, reflecting stock forward bought to avoid significant price increases, protecting profitability, and to ensure that supply chain issues do not delay network rollout projects. It is anticipated that approximately half of this working capital investment will reverse by the end of the financial year;

-- An additional working capital requirement of £6.3m as the Company worked to onboard the customers acquired as part of the Sungard acquisition . The invoicing relating to this onboarding has now been brought up to date and hence this adverse working capital impact will reverse in H2 of the year ended 31 March 2023 ("FY23");

-- Exceptional costs of GBP4.8m were incurred in the period, £2.5m higher than anticipated due to additional integration and restructuring costs in relation to the 4D and Sungard acquisitions. Approximately half of these additional costs will result in like for like additional annual savings in the financial year ending 31 March 2024.

* Adjusted net debt excludes supplier loans and lease liabilities that would have been classified as operating leases under IAS 17

OPERATIONAL HIGHLIGHTS

The first six months of FY23 have built on the progress made in the financial year ending 31 March 2022 and have been transformational for Redcentric. During the period the Company has successfully completed two scale acquisitions and one capability acquisition for a combined initial consideration net of cash acquired of £23.2m.

As a result of the five acquisitions completed between September 2021 and July 2022, the Company has significantly strengthened its cyber security, hyper-cloud and consulting capabilities, and materially increased the annualised revenue base by c.70%. With these acquisitions, we feel that we now have one of the broadest product offerings in the market.

Other operational highlights for the period include:

-- The signing of a new GBP100m banking facility on 27 April 2022, giving the Company access to £80m of committed funds at very competitive rates of interest to support and accelerate our acquisition strategy; and

-- A significant increase in new sales orders during the second quarter of FY23 with order levels now substantially ahead of pre-covid levels. The increase in sales volumes reflects the enlarged customer base, additional capability and a restructuring and strengthening of the sales team.

INTEGRATION UPDATE

The key highlights are as follows:

-- Three months into the ownership of Sungard, we have fully integrated the business and ceased all transitional service arrangements, removing significant duplicated costs;

-- Phase one of a staff restructuring programme has been completed, resulting in a reduction in annual salary costs of £3.2m;

-- As part of the Sungard acquisition, the Company entered into short term licenses to occupy three data centre facilities with the administrator of Sungard. Of these:

o The largest facility is considered to be a long-term strategic asset and the eight-year lease has been assigned to the Redcentric group;

o The second facility is considered important in the medium term and a new three-year agreement has been signed. As part of this agreement, the short-term annualised license to occupy costs of £8.5m have been replaced by a 3 year agreement with a year 1 annual cost of £4.1m, followed by annual indexation of 3%;

o The third facility is not considered as a core strategic asset, and so this property continues to be occupied under a short-term license whilst we explore options to either sell or exit the facility;

o It was originally assumed that the license to occupy costs would be treated as part operating and part exceptional costs. Following discussions with the Company's accounting advisors, these costs have all been classified as IFRS16 leases and therefore add GBP2.6m to right of use depreciation charges in FY23. As this reclassification relates to the license to occupy period only, there will be no impact beyond FY23.

-- During the second half of FY23, several electricity initiatives will be implemented to improve the efficiency of the acquired data centres. These will result in additional capital expenditure of c.£2m. Assuming a cost equivalent to the recent government energy price guarantee, it is expected that these measures will have a one-year payback;

-- With the exception of employee synergies, the acquired 4D business has largely been left as a standalone business whilst focus was placed on migrating away from the onerous Sungard transitional arrangements. 4D will be fully integrated by the end of the financial year.

OUTLOOK

The Board is pleased by the continued progress made by the Company in the first six months of FY23 and remains confident in delivering revenue and adjusted EBITDA for FY23 in line with its expectations. Of particular note, the Board is pleased to see a substantial uplift in sales activity and order intake as a result of the additional scale, breadth of product and enhanced sales team.

The Board is cognisant of the continuing volatility of electricity prices and that this could significantly increase or decrease profitability of the acquired businesses. Unlike the acquired businesses, Redcentric has historically hedged electricity prices and this will be replicated across the recently acquired businesses once prices have stabilised.

Work continues to seek further synergies from the acquisitions completed in the period and despite some of the current economic headwinds, the Board is very confident that the Redcentric group will build on the progress shown over the last eighteen months, delivering enhanced revenue growth and EBITDA ahead of the Board's expectations in FY24 as the benefits of the acquisitions are realised.
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Posted at 12/7/2022 07:45 by masurenguy
Redcentric PLC Acquisition of Sungard data centres and 4D

Rationale for the acquisitions

In the last annual report, we outlined our strategy to grow the Redcentric business by adding both capability and scale through M&A. Following the acquisitions of Piksel Industry Solutions Limited, 7 Elements Limited and Sungard's consulting business, the acquisitions of 4D and Sungard DCs also bring additional scale to the Company. Sungard's DC business is renowned for its highly resilient data centre estate and its assured IT recovery services. The business hosts and manages the mission critical infrastructure for a strong blue-chip enterprise customer base that provides an excellent addition to the Company's existing client base. The recovery services offered by Sungard DCs represent additional capability within Redcentric's customer offering and will therefore give Redcentric exposure to new areas of the market. 4D is a successful hosting business operating out of 2 data centres within the UK, with a focus on colocation services. Redcentric's product and solutions portfolio is much wider than both Sungard's and 4D's offerings, meaning these acquisitions will provide significant cross-sell opportunities into these newly acquired customer bases.

Peter Brotherton, CEO of Redcentric commented:"With these 2 acquisitions, we have now completed 5 acquisitions in the last 9 months and totally transformed the Company. We have added over 600 customers to our base and increased run rate revenues by circa 60%. The acquisition of Piksel has broadened our product offerings by adding full hyper-scale capability; the 7 Elements and Sungard consultancy acquisitions have significantly strengthened our security product portfolio; and the Sungard DCs acquisition has added new recovery-based services. We believe that we now have the most comprehensive IT and Telecommunications product and solutions offering in the market. During the next 6 to 9 months our focus will switch to fully integrating the acquired businesses and exploiting the meaningful cross-sell opportunities that these acquisitions bring. We look forward to making the most of the very significant opportunities that come with these acquisitions and to an exciting future"

https://www.investegate.co.uk/redcentric-plc--rcn-/rns/acquisition-of-sungard-data-centres-and-4d/202207120700060912S/
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Posted at 09/6/2022 07:14 by masurenguy
Nick Bate, who was appointed NX Chairman 7 months ago, has made an initial investment of £49,500 in RCN shares after purchasing 40,000 @1.2375p.
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Posted at 28/4/2022 09:48 by masurenguy
Trading Update

FY22 has been a very significant and productive year for Redcentric, with the following key operational highlights:

-- The business completed two capability acquisitions, both of which are trading well and have been quickly and materially integrated into the business with higher than anticipated synergy savings;

-- A new divisional operating structure has recently been introduced to drive focus and growth across all business segments;

-- New sales orders during the second half of the year improved significantly on the first half and we are now nearing the historical levels seen pre the outbreak of the Covid-19 pandemic, including the resumption of large-scale projects;

-- Retention rates have been broadly consistent with prior years;

-- Electricity price increases have added £0.5m to costs and equipment supply chain issues have delayed both recurring and non-recurring revenues;

-- The Board is cognisant of the continued volatility in electricity prices and of the sector-wide employment, retention and salary inflation challenges.

OUTLOOK

We have now positioned Redcentric for growth and we believe that we have an excellent platform on which to build both capability and scale through acquisitions. Over the last three years we have made significant investment in our networks, platforms, data centres and operational systems and this positions us well for future growth. We believe that the new divisional structure will drive organic growth across the non-network services areas of the business and the acquisition of new customer bases will also present good cross-sell opportunities.

In addition, our experience of successfully integrating historical acquisitions, with associated cost savings, gives us a good template for future acquisitions and further confidence that we can successfully execute on our stated acquisition strategy. We continue to make progress with our M&A strategy, with a good pipeline of potential targets, a strong balance sheet and access to GBP100m of bank facilities.

The Company intends to announce its results for the financial year ended 31 March 2022 on Thursday 21 July 2022.

Peter Brotherton, Chief Executive Officer commented:"These results reflect the resilient nature of the business and are more impressive given the challenges associated with high electricity prices, equipment shortages, a tight labour market and difficult trading conditions during the Covid-19 pandemic. After several years of repositioning the business, we are now totally focused on both organic and inorganic growth. We have demonstrated that we can make highly accretive acquisitions both in terms of profitability and capability and our new GBP100m bank facility, supported by our strong cash generation, will enable us to continue to invest in our business."
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Posted at 02/2/2022 14:16 by bagpuss lives
So RCN are effectively managing out Richard Griffiths departure. The extension will allow them to soak up the remaining shares to be disposed off and that should allow the process to speed up hopefully rather than be a long drawn out drag on the share price.

Just a case of counting sells and buy backs to work out when handbrake might get let off.

Bagpuss
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Posted at 02/2/2022 07:19 by masurenguy
Extension of the Share Buyback Programme and Transaction in Own Shares

Redcentric announces that its board of directors has approved an extension of the existing share buyback programme of ordinary shares by a further £3m. As previously announced, the Buyback Programme forms part of the Redcentric group's broader strategy to deliver shareholder value. The Buyback Programme will continue until such time that the Board decides to end it, at which point a further announcement will be made by the Company. Ordinary Shares acquired as a result of the Buyback Programme will continue to be held in treasury and be announced to the market without delay.

The Company purchased 1,068,367 shares on 1 February at 123p.
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Posted at 13/1/2022 12:21 by bagpuss lives
Looks like a bit of a transferral of shares going on at the moment. Another couple of days with big trades being posted around the 122 level. 600k yesterday and another 450k today. It would seem someone is offloading and it is being mopped up by the Company and some of the other institutional investors who have posted hefty purchases on RNS's without much movement in the share price.
Once this transfer has been fully worked the shares can go back to the normal supply and demand rules.

Bagpuss
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Posted at 24/12/2021 08:20 by masurenguy
Transaction in Own Shares

Redcentric announces that it has made the following purchase of ordinary shares of 0.1p in the capital of the Company pursuant to the share buyback programme announced on 17 September 2019:

Date of purchase: 23 December 2021
Number of Ordinary Shares purchased: 32,564
Volume weighted average price per Share: 122.593p

Under the Programme, the Company undertook to make share purchases up to an aggregate £2.0m and, including the above share purchases, repurchases to date total £764,180.24. Following the repurchase of Ordinary Shares set out above, the Company's issued share capital consists of 156,991,982 Ordinary Shares, 52,267 of which are held in Treasury. For reporting under the FCA's Disclosure Guidance and Transparency Rules, shareholders should exclude any shares held in Treasury and should use the figure of 156,939,715 Ordinary Shares when determining if required to notify their interest, or a change of their interest in the Company. The Company will make further announcements in due course following the completion of any further purchases pursuant to the Programme.
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